A Long List Of Fees For Services At the end of the day there is a very strong argument that buying your own home is an excellent value proposition. Unfortunately, getting to that point is a very formal, legalistic process that requires hundreds or even thousands of pages of documentation and it might seem like a […]
Tag Archive | "escrow account"
The Secret Strengths Of The Escrow System During the process of buying and selling residential real estate there will be some point at which the funds have to go from one party to the other, while the title to the property is transferred in the opposite direction. When you are not in a high trust […]
Mortgage escrow is a form of insurance for your lender. An escrow account gives the lender security that your property taxes and home insurance will be paid. This means that your home is not under threat of seizure should you fail to pay your taxes, and that it is insured in case of it being […]
This mortgage questions post will cover the topics of prepayment. Several questions we have received have related to the topics of prepaid interest and also escrow accounts. Many find it difficult to understand the concept of ‘escrow’ in general. We shall try to make that clearer here. First, however, the question of prepaid interest. Mortgage […]
Escrow accounts are a means of paying small regular sums of money to cover large sums required at regular intervals such as annual homeowners’ insurance payments. Escrow is a good way to make sure you can make such payments when they are required. Escrow accounts are not required by everyone, but they are useful to […]
Private mortgage insurance is usually required when you take a mortgage loan. In fact it is generally included in your mortgage payment and placed in an escrow account along with any tax liability. This protects the lender against any inability on your part to pay the full annual lump sum when it is due. Must […]
Many find it difficult to understand the concept of ‘escrow’ in general. We shall try to make that clearer here. First, however, the question of prepaid interest. Mortgage Questions: What is Prepaid Interest? In mortgage terminology, prepaid interest relates to an advance payment made to cover the interest due for the remaining days of the […]